How do you get the best mortgage rate in the market? Here are 5 tricks that can save you a ton of money over the life of the loan:
- Pay down/pay off your credit card balances BEFORE the bill is generated. This will boost your credit scores and help you get the best rate possible.
- Work with an advisor that watches the mortgage market to recommend when to lock the rate. Ask your mortgage professional how they know when it’s a good time to lock a rate.
- Call a mortgage broker. Mortgage brokers have access to multiple lenders which allows for flexibility in shopping different rates and terms across various lenders.
- Shorten the mortgage term. If you consider a 15 or a 20 year term instead of a 30 year term, you typically will get a better rate.
- If you own a business that has significant cash flow or have a ton of invested assets with a specific bank, it is worth calling them to see what mortgage terms they offer. For top tier banking or investing clients, banks will offer sweeatheart deals you can’t get elsewhere.
